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Sona Comstar inaugurates new manufacturing plant in Mexico to cater to growing EV Demand in North America

Posted On : 2024-04-21 18:40:49( TIMEZONE : IST )

Sona Comstar inaugurates new manufacturing plant in Mexico to cater to growing EV Demand in North America

Sona BLW Precision Forgings Ltd. (Sona Comstar), one of the leading global providers of automotive technology solutions, announces the inauguration of its new manufacturing plant in the Fipasi Industrial Park, Silao, Mexico. This strategic expansion underscores the company's commitment to meeting the growing demand for high-quality driveline solutions for Battery Electric Vehicles (BEVs) in North America. As mobility undergoes a profound transformation, Sona Comstar remains at the forefront of electrification through strategic expansions and investments in research and development, dedicatedly pioneering innovative solutions that seamlessly align with this dynamic future.

The new facility will specialize in producing differential assemblies and reduction gears meticulously designed for BEVs. Over time, it will further diversify its product range to accommodate the evolving technological advancements in electric vehicles. As one of the largest manufacturers of differential assemblies for BEVs worldwide, Sona Comstar recognizes the significance of North America as the largest end-market, contributing a substantial 40% to its revenue. The strategic location of the new plant in Mexico is poised to enhance the company's supply chain efficiency and responsiveness to customer demands in the region.

Mr V Vikram Verma, CEO of Driveline Business at Sona Comstar, said, "Throughout our journey, we've consistently grown by meeting our customers' evolving needs and expectations. Our relentless pursuit of innovation and adoption of cutting-edge technologies have firmly entrenched us as the premier partner for global automakers. We aim to solidify our position as the preferred driveline solutions provider for automakers in North America by establishing our new manufacturing plant in Mexico. This expansion demonstrates our unwavering commitment to customer satisfaction and aligns with our long-term growth strategy to capitalize on the escalating EV demand."

The state-of-the-art facility in Mexico will be equipped with advanced manufacturing technologies, adhering to the highest quality and safety standards. This will significantly enhance Sona Comstar's production capabilities while creating numerous job opportunities and substantially contributing to the local economy. The initiative reflects the company's dedication to sustainable and environmentally responsible manufacturing practices.

Shares of Sona BLW Precision Forgings Limited was last trading in BSE at Rs. 681.40 as compared to the previous close of Rs. 678.25. The total number of shares traded during the day was 108146 in over 4489 trades.

The stock hit an intraday high of Rs. 687.50 and intraday low of 660.00. The net turnover during the day was Rs. 72609521.00.

Source : Equity Bulls


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